# HONYAKU Center Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/04/01－2026/03/31) (S100YILW)
> Page: https://vizora.meequs.com/en/company/honyaku-center
> Retrieved: 2026-09-30T20:33:53.612Z

## Company

HONYAKU Center, founded in 1986, is a company in HR & Staffing listed on TSE Standard. It has 540 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HONYAKU Center Inc. |
| Ticker | 2483 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2483.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区久太郎町四丁目1番3号 |
| Representative (per filing) | 代表取締役社長 二宮 俊一郎 |
| Founded | Apr 1986 |
| Share capital | ¥588.4M |
| Employees (consolidated) | 540 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.honyakuctr.com (https://www.honyakuctr.com/) |
| Corporate number | 1120001089458 |
| EDINET | E05579 |
| Industries (Vizora) | HR & Staffing, Business Process Outsourcing, Events & Ticketing |

> Profile source: annual securities report (S100YILW, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 18 |
| Profitability | 64.3 | 21 |
| Cash conversion | 79.4 | 17 |
| Efficiency | 40.5 | 21 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 74% of HONYAKU Center's sales come from Translation Business, with Interpretation Business and Temporary Staffing Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -3.0% from the prior year, operating profit -20.7%.

## Company structure

- Segment revenue mix: Translation Business 74.5%、Interpretation Business 12.2%、Temporary Staffing Business 10.3%、Other 3.0%
- Revenue → net income: ¥10871456000 → ¥462202000
- Net income → operating cash flow: ¥462202000 → ¥1058515000（difference ¥596313000）
- Main uses of operating cash flow: CapEx ¥493127000 / dividends ¥251263000 / buybacks —
- Change in cash: ¥-171114000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.9B |  |
| Operating income | ¥705.8M | Margin 6.5% |
| Net income | ¥462.2M | Margin 4.3% |
| Free cash flow | ¥565.4M |  |
| Largest business | Translation Business | of segment revenue 74.5% |
| Employees (consolidated) | 540 |  |
| EPS | ¥121.23 |  |
| Book value per share | ¥1941.56 |  |
| Equity ratio | 80.0% |  |
| Shares outstanding | 3,369,000 |  |
| Treasury shares | 12,200 |  |
| Shareholders | 2,387 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 50.3% | Cash ÷ revenue 40.6% |
| Vs. industry median margin | +2.6 pp | Business Process Outsourcing |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9910877000 | ¥10871456000 | +9.7% |
| Operating income | ¥418159000 | ¥705793000 | +68.8% |
| Operating margin | 4.2% | 6.5% | +2.3 pp |
| Employees | 509 people | 540 people | +6.1% |
| Cash and equivalents | ¥2989761000 | ¥4409679000 | +47.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 翻訳事業 → 翻訳事業 | 74.5% |
| 翻訳事業 → 事業再編・廃止 | 0.6% |
| 派遣事業 → 派遣事業 | 10.3% |
| 派遣事業 → 事業再編・廃止 | 1.9% |
| 通訳事業 → 通訳事業 | 4.8% |
| 語学教育事業 → 事業再編・廃止 | 1.0% |
| コンベンション事業 → 事業再編・廃止 | 3.0% |
| その他 → その他 | 3.0% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 通訳事業 | 7.4% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Translation Business | 5 years | +1.5% | ¥8096428000 | 6.7% | 2 |
| Interpretation Business | 5 years | +22.6% | ¥1323331000 | 8.6% | 2 |
| Temporary Staffing Business | 5 years | -1.8% | ¥1123622000 | 3.3% | 2 |
| Other | 5 years | -3.2% | ¥328074000 | 3.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,871 | 100.0% | S100YILW |
| Cost of revenue | 5,718 | 52.6% | S100YILW |
| Gross profit | 5,153 | 47.4% | S100YILW |
| SG&A | 4,448 | 40.9% | S100YILW |
| Operating income | 706 | 6.5% | S100YILW |
| Ordinary income | 749 | 6.9% | S100YILW |
| Pretax income | 711 | 6.5% | S100YILW |
| Income tax | 249 | 2.3% | S100YILW |
| Net income | 462 | 4.3% | S100YILW |
| Net income attributable to owners | 462 | 4.3% | S100YILW |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 41 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 47.4% → Operating margin 6.5% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.0%; Core profit growth: -20.7%
Operating leverage (core profit growth ÷ revenue growth): 6.86×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,210 | 10,871 | -339 | -3.0% |
| Gross profit | 5,315 | 5,153 | -161 | -3.0% |
| Operating income | 890 | 706 | -185 | -20.7% |
| Net income attributable to owners | 724 | 462 | -262 | -36.1% |
| Operating cash flow | 503 | 1,059 | 555 | +110.4% |
| Free cash flow | 484 | 565 | 81 | +16.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,551 | 814 | 7.0% | 305 | 627 | 448 | S100LU86 |
| FY ending Mar 2021 | 9,911 | 418 | 4.2% | 118 | 439 | 404 | S100OJJC |
| FY ending Mar 2022 | 10,337 | 811 | 7.8% | 573 | 830 | 809 | S100R8Z0 |
| FY ending Mar 2023 | 10,948 | 929 | 8.5% | 687 | 373 | 363 | S100TVMV |
| FY ending Mar 2024 | 11,304 | 902 | 8.0% | 711 | 754 | 749 | S100W51R |
| FY ending Mar 2025 | 11,210 | 890 | 7.9% | 724 | 503 | 484 | S100YILW |
| FY ending Mar 2026 | 10,871 | 706 | 6.5% | 462 | 1,059 | 565 | S100YILW |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.1M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥855.9K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 518 | 520 | 562 | 545 | 540 |
| Average salary (parent company) | ¥4.9M | ¥5.2M | ¥5.5M | ¥5.5M | ¥5.6M |
| Average age (parent company) | 41.1 years | 41.3 years | 41.8 years | 41.7 years | 42.7 years |
| Average tenure (parent company) | 7.1 years | 8.0 years | 8.0 years | 9.1 years | 10.0 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) -3.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Translation Business | 8,096 | 74.5% | 545 | 6.7% |
| Temporary Staffing Business | 1,124 | 10.3% | 37 | 3.3% |
| Interpretation Business | 1,323 | 12.2% | 114 | 8.6% |
| Other | 328 | 3.0% | 10 | 3.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Translation Business | 74.5% | 77.3% | 2.8 | 6.7% |
| Temporary Staffing Business | 10.3% | 5.2% | -5.1 | 3.3% |
| Interpretation Business | 12.2% | 16.1% | 3.9 | 8.6% |
| Other | 3.0% | 1.4% | -1.6 | 3.1% |

Segment → industry: Temporary Staffing Business → HR & Staffing / Interpretation Business → Business Process Outsourcing / Translation Business → Business Process Outsourcing / Interpretation Business → Events & Ticketing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,059 | 9.7% | S100YILW |
| Capital expenditure | 493 | 4.5% | S100YILW |
| Free cash flow | 565 | 5.2% | 算出 |
| Investing cash flow | -944 | -8.7% | S100YILW |
| Financing cash flow | -286 | -2.6% | S100YILW |
| Dividends paid | 251 | 2.3% | S100YILW |
| Change in cash | -171 | -1.6% | S100YILW |
| Cash and equivalents | 4,410 | 40.6% | S100YILW |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,710 | 3,939 | 4,490 | 4,581 | 4,410 | S100TVMV, S100W51R, S100YILW |
| Total assets | 7,173 | 7,487 | 8,326 | 8,836 | 8,774 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Net assets | 5,091 | 5,673 | 6,251 | 6,761 | 7,024 | S100TVMV, S100W51R, S100YILW |
| Share capital | 588 | 588 | 588 | 588 | 588 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Trade receivables | 2,111 | 2,173 | 2,293 | 2,074 | 1,848 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Property, plant and equipment | 41 | 37 | 59 | 210 | 190 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Intangible assets excluding goodwill | 66 | 47 | 100 | 93 | 379 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Goodwill | — | — | 69 | 53 | 61 | S100W51R, S100YILW |
| Investment securities | 241 | 287 | 326 | 346 | 376 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Current assets | 6,311 | 6,611 | 7,290 | 7,667 | 7,275 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Current liabilities | 1,891 | 1,618 | 1,854 | 1,848 | 1,505 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Long-term borrowings | — | — | — | — | 12 | S100YILW |
| Total liabilities | 2,082 | 1,814 | 2,075 | 2,076 | 1,750 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Equity attributable to owners of parent | 5,069 | 5,631 | 6,204 | 6,724 | 6,948 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Retained earnings | 4,095 | 4,643 | 5,199 | 5,703 | 5,910 | S100R8Z0, S100TVMV, S100W51R, S100YILW |
| Treasury stock | -93 | -79 | -63 | -46 | -30 | S100R8Z0, S100TVMV, S100W51R, S100YILW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100YILW |
| Receivables | 21% | S100YILW |
| Property, plant and equipment | 2% | S100YILW |
| Intangibles and goodwill | 5% | S100YILW |
| Investment securities | 5% | S100YILW |
| Other assets | 17% | S100YILW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YILW |
| Equity | 80% | S100YILW |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,173 | 7,487 | 8,326 | 8,836 | 8,774 |
| Equity | 5,091 | 5,673 | 6,251 | 6,761 | 7,024 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,710 | 3,939 | 4,490 | 4,581 | 4,410 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 1.8% | S100YILW |
| Fixed assets ÷ total assets | 2.2% | S100YILW |
| Goodwill ÷ parent equity | 0.9% | S100YILW |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 50.3% |
| Cash ÷ revenue | 40.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 150.0% |
| Cash vs. profit gap | 596 JPY mn (of net income 129.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.4% |
| Shareholder payments — dividends / FCF | 44.4% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 89.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.5% | 1.44× | 8.0% | 1.42× | 11.3% | S100R8Z0 |
| 2023 | 6.3% | 1.49× | 9.4% | 1.37× | 12.8% | S100TVMV |
| 2024 | 6.3% | 1.43× | 9.0% | 1.34× | 12.0% | S100W51R |
| 2025 | 6.5% | 1.31× | 8.4% | 1.33× | 11.2% | S100YILW |
| 2026 | 4.3% | 1.23× | 5.2% | 1.29× | 6.8% | S100YILW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エムスリー株式会社 | Major shareholder | 19.8% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ３投資事業有限責任組合 無限責任組合員株式会社ＵＨＰａｒｔｎｅｒｓ３ | Major shareholder | 7.7% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 無限責任組合員株式会社ＵＨＰａｒｔｎｅｒｓ２ | Major shareholder | 7.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 無限責任組合員株式会社エスアイエル | Major shareholder | 5.5% | 2026-03-31 |
| 東 郁男 | Major shareholder | 3.0% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 3.0% | 2026-03-31 |
| 二宮 俊一郎 | Major shareholder | 2.0% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 秋元 利規 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YILW | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YILW,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W51R | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W51R,, |
| 有価証券報告書－第38期(2023/04/01－2024/03/31) | S100TVMV | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVMV,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100R8Z0 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8Z0,, |
| 有価証券報告書－第36期(令和3年4月1日－令和4年3月31日) | S100OJJC | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJJC,, |
| 有価証券報告書－第35期(令和2年4月1日－令和3年3月31日) | S100LU86 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU86,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).